Are you ready to start investing via your smartphone? When I bought my first stock over 20 years ago, I never imagined a day where you could buy and sell stocks on your phone. Technology is amazing and gives investors unlimited access to some of the world's best companies at our fingertips.
Some old school investors shun the digital advancement of investment apps but you don't know what you're missing! Apps provide up to date stock market analysis and tips that most people won't get from their desktop. You can comb through hundreds of stocks within minutes plus react to important market news in realtime. No more worrying about running to your laptop or calling your broker.
Ya dig? Let's go over the best investing apps this year and I'll share my 2 cents about each app.
Best Investing Apps for US Investors
Robinhood is one of my favorite investment apps that I use on a daily basis. The company revolutionized the financial industry by offering free stock trading commissions along with zero account minimums and no hidden fees.
The app is easy to download and makes buying and sell stocks very easy. Robinhood also supports options trading, margin trading, and cryptocurrencies.
If you want to trade on margin and increase your deposit limits, then upgrade to Robinhood Gold for just $5 per month. Gold members get additional perks like faster customer support and advanced charting tools.
However, Robinhood does lack some important features like no account beneficiary option upon death, No dividend reinvestment plan (DRIP) and phone customer service.
For an in-depth look at Robinhood: Read the full Robinhood Review
FIdelity is my favorite app for retirement investing and more long term investing strategies. It's more flexible than Robinhood and offers a lot more benefits & services. Fidelity recently dropped its stock trading commissions so you can buy and sell stocks for free as well.
If you want to open a traditional IRA, Roth IRA, SEP IRA or transfer your 401k then Fidelity is an excellent choice. They offer zero fee index funds, which is a great choice for investors who prefer to own the whole market rather than choose specific stocks.
Along with 24/7 customer service and a wide range of investment products, I feel Fidelty is my favorite full service broker and their trading app is easy to use and works good.
Wellbull is a well known alternative to Robinhood for buying stocks for free. I just started using the app long enough to share my thoughts. The app offers a lot more technical information that day traders will find useful.
The mobile app looks great plus you can track US, crypto and global markets all in one place. Trading stocks is a breeze but the app doesn't support fractional shares.
Stash is my favorite fractional share app for buying small portions of expensive stocks like Amazon and Alphabet (GOOG). The mobile app is fast and easy to use with a good interface.
The whole concept is to automatically transfer money from your checking to your stash every week or month and invest the money into stocks or ETFs. You can buy fractional shares of most major companies (Apple, Amazon, Netflix) for free. Stash charges a $1 monthly fee for accounts under $5,000 or 0.25% for accounts over 5k.
Another cool feature is the ability to open a traditional IRA account for $3 per month and use a debit card linked to your Stash account. Stash is a modern day alternative to traditional banks and investment brokers. For a more in-depth review, check this out: Read the Full Stash Invest Review.
Acorns is a cool investing apps that's a bit different from the rest. It works as a robo adviser by automatically investing your money in weighted investment fund. You can automatically transfer money to your account reguarly or invest extra cents from your checking account.
Acorns tracks your purchasing habits and offers bonus money if you buy a particular service. You don't have as much control and cannot buy individual stocks or ETFs.
Wealthfront is another robo-advisor that tracks your investments and helps you plan for retirement through regular automated transfers. Earn a high interest yield on your money and use their advisory service for a hands-off investing approach.
The downsides are no phone customer service and a $500 minimum to invest in their robo-advisor. Right now, I'm using their 2%+ high yield savings to earn interest on my money.
M1Finance is a free roboadvisor investment app for passive investors who want to build a portfolio fo their favorite companies. Unlike most investing apps, you create a “pie” made up of your favorite stocks & ETFs and M1 automatically balances your portfolio for you.
M1Finance offers fractional shares along with margin trading and checking account spending under the same app. These features separate them from all other apps, making them a good choice for long term passive investors.
The app is not ideal for day and swing traders because M1 has only 1 trading window per day. It's a better fit for dollar cost average investors or passive investors who aren't trying to time the markets.
The only downsides are a $100 account minimum and no DRIP plan for dividend investors. M1finance instead waits until your dividends reach $10 then reinvests them equally in your “pie”.